U.S. stock futures were lower this morning, after the Dow broke a two-day losing streak Thursday, continuing its up-and-down week of big moves in both directions. A strong gain in Apple (AAPL) shares helped drive the market higher. (CNBC)
Today is the first day Apple’s new products, the iPhone 7/7 Plus and the Apple Watch Series 2, are available in stores.
Philip Schiller, Apple’s senior vice president of Worldwide Marketing said: “The completely redesigned cameras shoot incredible photos and videos day or night, the A10 Fusion chip is the most powerful chip on any smartphone while delivering the best battery life ever in an iPhone, and an entirely new stereo speaker system provides twice the sound, all within the first water and dust resistant iPhone.” (Apple)
The Apple Watch Series 2 is packed with incredible fitness and health capabilities including a water resistance to 50-meter rating for swimming, and built-in GPS so users can now run without an iPhone. Apple Watch Series 2 also features a dramatically brighter display and a powerful dual-core processor. Combined with the performance enhancements of watchOS 3, Apple Watch Series 2 makes it even easier to access third-party apps, receive and respond to notifications and conveniently use Apple Pay. (Apple)
You may have heard the phrase ‘Triple Witching Day’ used before but never really knew what it meant. It should actually be ‘Quadruple Witching Day’, or more precisely ‘Hour.’ It is not four witches flying around a fire on their broomsticks; quadruple witching hour is the last hour on the stock market trading session on the 3rd Friday of every March, June, September and December. These days are the expiration of four kinds of securities – stock market index futures, stock market index options, single stock futures and stock options. So for those people who have not previously closed out their options, there will be a rush today to close these options before they become valueless. This can lead to increased volatility.
For those who do not play the ‘Option Market’ but simply invest in long-term positions in stock market shares through their 401Ks, you have nothing to fear.